Page:United States Statutes at Large Volume 115 Part 3.djvu/691

 B BMikintMidCHlier (I) Acoepunce ofdcpotiu mi olbet repayable Ainds ftom the public; (b) Lending of all lypet, including consumer credit, mongagscredit, Ikcloring and flnaaclng of cominarcial uanuclion; (c) Fimocial leuing: (d) All paxmeni and money transniuion tervioet, iadudlnc credit, charge and debit cards, travelers' chequesand banken drafts: (PCP813J9) (e) Guarantees and cemmitinenli (f) Money broking (g) Aitet management, mck Bi cash or portfolio •unagEmenl, ell forms of Golleclive investment management, pension fund management, castndial. depository and trust services: (h) Setilemeot and clearing services for financial assets, including securities, derivative productsand other negotiable instruments: (1) Unbound, except for rinancial information services, B (i) and (j) (2) No ne (3) None, except the following: a) U S financial service suppliers arepemutted toprovide services in Vietnam through the following legal formsupon entry into force branches of a US bank, US -Vietnam joint venture bjutki, 100%U.S. owned financial leasing companies, and U.S.-Vieuiani joint vemure rinaitcliil leasing coiiipiuiick b) For theperiod ending 3years from the dale of entry into force of this Agreement, the only legal form in which other US financial services suppliers (besides banks and leasing companies) may provide financial services in Vietnam is through Joint ventures nilh Vietnamese partners. Thereafter, this limitation is abolished c) U.S. banks will bepermitted to establish 100% subsidiary banks in Vietnam bcginmng on adate that is 9yearsafter the date ofentry into force of thisagreement. Until that time. U.S. banks may establish joint-venture banks in Vieuiam in which the equity participation of the U.S. partner slull not be less tJuin 30% but not exceed 49% d) Vietnam may limii. on a national ireaimcni basis, equity participation by US banks in privatized Vietnamese state-owned banks to the same level as equity participation by Vietnamese banks e) During the first 8yearsafter entry intoforce. Vietnam may limit the right of a U S bank brarKh to accept deposits in dong from Vietmmese legal personswith which the (I) Unbound, except for financial information services. B (I) and (j) (3J None, except the following a) In order to establish and operate m Vietnam, branches ofU S banks, US banksubsidiaries, and U S -Vietnamjoint ventures shall have lo apply for a license b) The conditions for the esUibhslimcnt in Vieuuuii of the branch of j bank of llic U S arc: - Minimum capital of the branch granted by its parent bank of US S13 million Parent bank guarantees, in written form. 10 undertake all responsibilities and commitmentsof itsbranch in Vietnam. c) Thecondition for the establishment ofaU S - Vietnamjoint venturebardtora 100%-awned subsidiary of a US bank is: • Minimum legiil capital of USS10 million d) Financial institutions with 100%US invested capital are not allowed to take an iniual tiiongagc interest in landuserights Beginning on the date that is 3 years from the dale of entry into force of tlus Agreement, financial institutions with 100% US invested capital shall only be allowed lo take an Initial mortgage interest in land-use rights held b)' enterprises with foreign invested capital In cases of default of such borrowers, financial institutions with 100% U S invested capital may acquire and use mortgages or land-use nghts for purposes of liquidation c| The conditions for the establishment in Vietnam of a I00%o»'ncd subsidiary' ofa U.S financial leasing company or joint-venture S <1 2S lo i

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